Technical Report - Guyana Goldstrike · Technical Report Marudi Property Mazoa Hill Zone Resource...

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Technical Report Marudi Property Mazoa Hill Zone Resource Estimate Guyana Goldstrike Inc.

Rupununi District, Guyana, South America

In accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators

Qualified Persons: G.Mosher, M.Sc., P.Geo.

GMRS Project 01-11-2017 Effective date: December 20, 2017

Marudi Property Mazoa Hill Zone Resource Estimate Guyana Goldstrike Inc. Project 01-11-2017

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1 Summary

Global Mineral Resource Services (GMRS) has been retained by Guyana Goldstrike Inc. (GGI) to prepare a technical report on the Marudi Property (Property) in Guyana, South America. The Property contains numerous gold occurrences, the most significant of which are the Mazoa Hill and Marudi North Zones. This report includes a resource estimate for the Mazoa Hill Zone. The report has been written in compliance with National Instrument (NI) 43-101 and was prepared to support GGI’s ongoing exploration of the Property.

The Property is comprised of one mining licence (ML1/2009) that is 13,502 acres (5,464 ha) in area. Three areas of “small claims” with an aggregate area of approximately 227 acres (92 ha) are located within the boundaries of the mining licence but are excluded from it. The mining licence is held in the name of Romanex Guyana Exploration Ltd., was issued on April 17, 2009 and is valid for a period of 20 years (April 17, 2029) with an extension of seven (7) years if desired. GGI has the right to acquire 100% ownership of Romanex Guyana Exploration Ltd.

The Property is located in the Rupununi District of southwestern Guyana, approximately 500 kilometers (km) south of the capital Georgetown and approximately 60 km east of the international border with Brazil. The nearest community is Aishalton, 35 km to the northwest. The nearest community that is serviced by scheduled commercial flights is Lethem, approximately 200 km to the northwest of the Property. The Property is accessible by road from Georgetown via Lethem and Aishalton although the road is of variable quality and during the rainy season portions may become temporarily impassible. Access is also possible from Venezuela and Brazil. The nearest major community in Brazil is Boa Vista, a straight-line distance of approximately 180 km west of the Property. The Property is located within the Guiana Shield and is underlain by Proterozoic-age metasedimentary rocks of the Kwitaro Group and of the younger Southern Guyana Granite Complex, also of Proterozoic age. The Kwitaro Group is largely comprised of shallow-water metasediments with interbedded basic volcanic strata, all of which have been metamorphosed from greenschist to amphibolite facies. The geology of the Property is dominated by the Marudi Formation, the lowermost member of the Kwitaro Group, and the major units of which are meta-andesite, pelitic metasediment and quartzite that contains intervals of meta-andesite, tuff and magnetite-rich metasediment. The assumed stratigraphic sequence is, from oldest to youngest, andesite-metasediment-quartzite. These rocks have been subjected to upper-greenschist to lower-amphibolite grade regional metamorphism. The Marudi Granodiorite, on the north flank of Marudi Mountain, post-dates the Marudi Formation and has caused marginal contact-metamorphism. Gold is the only mineral of potential economic significance that occurs within the Property and has been found in bedrock, overlying saprolite and in elluvium / alluvium in drainages topographically below areas of known bedrock mineralization. The hostrock for all significant mineralization is the quartzite unit of the Marudi Formation.

Although there are numerous gold occurrences within the Property, exploration has been focused on three main zones of gold mineralization. In order of the diminishing amount of exploration they have received, these are Mazoa Hill, Marudi North, and Peace Creek. Widely-separated holes have been drilled at a number of other locations, but the information obtained from them has been insufficient to permit a meaningful interpretation of the mineralization encountered.

The Mazoa Hill Zone has been explored by surface trenching and approximately 63 drillholes. This work has defined a zone of mineralized quartzite that strikes northwest, is approximately 300 meters long along strike, 150 meters wide across strike and has been traced to a depth of 250 meters below surface. The zone is near-vertical or dips steeply to the northeast. The saprolite layer above the quartzite is up to 30 meters thick but is generally thinner and the Mazoa Formation quartzite is partially exposed at surface. A resource estimate was carried out for the Mazoa Hill Zone and is summarized below. This estimate has been constrained by a conceptual pit and is stated at a cutoff grade of 0.5 g/t gold.


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Table 1.1 Mazoa Hill Zone Mineral Resource Estimate

Mazoa Resources in Conceptual Pit @ 0.5 g/t Cutoff

Class Tonnes Au Capped g/t Au Uncapped g/t Ounces Capped Ounces Uncapped

Indicated 4,428,000 1.8 1.9 259,100 269,700

Inferred 1,653,000 1.6 1.6 86,200 87,600

It is reasonable to expect that there may be other structural settings similar to that of the Mazoa Hill Zone, either laterally, such as the Peace Creek or Toucan Hill areas, or along strike to the northwest such as the area between the Mazoa Hill and Marudi North Zones that was recently investigated by GGI with three trenches.

GMRS is of the opinion that these areas, as well as others in which previous geochemical surveys have generated anomalies that have not been investigated, warrant further exploration, and recommends a two-phase program of exploration to test areas of interest outside the Mazoa Hill Zone. Trenching is an effective way to sample saprolite and to expose bedrock; therefore, the recommended Phase 1 program is comprised of trenching. The Phase 2 program will be contingent upon the results obtained from Phase 1 and should include additional trenching in the event that some areas of potential mineralization that were investigated in Phase 1 prove to be more extensive than the Phase 1 trenches, as well as diamond drilling to assess any near-surface mineralization that may have been encountered by trenching. The objective of Phase 1 is to identify new areas of mineralization and the objective of Phase 2 is to assess those areas in three dimensions.

A budget sufficient to accomplish the goals of both phases of recommended work is set out in Table 1.2.

Table 1.2 Recommended Marudi Property Exploration Budget

PHASE 1 TRENCHING

Activity Cost (US$)

Excavator Trenching, 8000 m / 65 days 216,000

Sampling & Analyses, 3000 @ $55 / sample 164,000

Support (camp, food, supplies, etc) 65 days 65,000

Travel & accomodation 5,000

Geology, engineering, supervision 65 days 77,000

Surveying 16,000

Report preparation 40,000

Contingency @ 12% 70,000

TOTAL PHASE 1 653,000

PHASE 2 TRENCHING AND DRILLING

Activity Cost (US$)

Excavator Trenching, 2000 m 123,000

Diamond drilling, HQ and NQ 480,000

Sampling Analyses, 850 @ $72 / sample 61,000




Surveying 7,000




GRAND TOTAL PHASE 1 AND PHASE 2 1,571,000

Contents


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1 Summary .................................................................................................................................................. 2

2 Introduction ............................................................................................................................................... 6

3 Reliance on Other Experts ....................................................................................................................... 7

4 Property Description and Location ........................................................................................................... 8

5 Accessibility, Climate, Local Resources, Infrastructure and Physiography ........................................... 12

6 History .................................................................................................................................................... 13 6.1 Prior Ownership and Associated Exploration Programs .............................................................. 13 6.2 Historical Mineral Resource Estimates ........................................................................................ 16 6.3 Production from the Property ....................................................................................................... 16

7 Geological Setting and Mineralization .................................................................................................... 17 7.1 Regional Geology ......................................................................................................................... 17 7.2 Property Geology ......................................................................................................................... 18 7.3 Mineralization ............................................................................................................................... 19

8 Deposit Types ......................................................................................................................................... 21

9 Exploration .............................................................................................................................................. 22

10 Drilling ..................................................................................................................................................... 23

11 Sample Preparation, Analyses and Security .......................................................................................... 25 11.1 Sample Preparation, Analyses and Security ................................................................................ 25 11.2 Quality Assurance / Quality Control (QA/QC) .............................................................................. 25

12 Data Verification ..................................................................................................................................... 26

13 Mineral Processing and Metallurgical Testing ........................................................................................ 27

14 Mineral Resource Estimates .................................................................................................................. 28 14.1 Exploratory Data Analysis ............................................................................................................ 28 14.2 Capping ........................................................................................................................................ 28 14.3 Composites .................................................................................................................................. 29 14.4 Bulk Density ................................................................................................................................. 30 14.5 Geological Interpretation .............................................................................................................. 30 14.6 Spatial Analysis ............................................................................................................................ 32 14.7 Block Model .................................................................................................................................. 33 14.8 Interpolation Plan ......................................................................................................................... 33 14.9 Mineral Resource Classification ................................................................................................... 33 14.10 Reasonable Prospects of Eventual Economic Extraction ............................................................ 33 14.11 Mineral Resource Tabulation ....................................................................................................... 34 14.12 Block Model Validation ................................................................................................................. 36 14.13 Comparison with Other Resource Estimates ............................................................................... 38

15 Mineral Reserve Estimates .................................................................................................................... 39

16 Mining Methods ...................................................................................................................................... 40

17 Recovery Methods.................................................................................................................................. 41

18 Project Infrastructure .............................................................................................................................. 42

19 Market Studies and Contracts ................................................................................................................ 43

20 Environmental Studies, Permitting and Social or Community Impact .................................................... 44

21 Capital and Operating Costs .................................................................................................................. 45

22 Economic Analysis ................................................................................................................................. 46

23 Adjacent Properties ................................................................................................................................ 47

24 Other Relevant Data and Information..................................................................................................... 48

25 Interpretation and Conclusions ............................................................................................................... 49


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26 Recommendations.................................................................................................................................. 51

27 References ............................................................................................................................................. 52

28 Certificate of Qualified Person ................................................................................................................ 53

Tables

Table 1.1 Mazoa Hill Zone Mineral Resource Estimate ............................................................................ 3

Table 26.1 Recommended Marudi Property Exploration Budget ............................................................... 3

Table 4.1 Marudi Property Mining Licence Coordinates ........................................................................... 9

Table 6.1 Kilborn 1995 Mazoa Hill Zone Resource Estimate ................................................................. 16

Table 10.1 Drilling Statistics for the Marudi Property ................................................................................ 23

Table 12.1 Mazoa Hill Verification Samples ............................................................................................. 26

Table 14.1 Mazoa Hill Gold Assay Descriptive Statistics ........................................................................ 28

Table 14.2 Comparison of Raw Assays and Composites, Mazoa Hill Zone ............................................ 30

Table 14.3 Mazoa Hill Zone Variogram Parameters ................................................................................. 32

Table 14.4 Mazoa Hill Block Model Parameters ....................................................................................... 33

Table 14.5 Search Ellipse Parameters ..................................................................................................... 33

Table 14.6 Conceptual Pit Parameters ..................................................................................................... 34

Table 14.7 Mazoa Hill Zone Conceptual Pit Resource Estimate ............................................................. 34

Table 14.8 Mazoa Hill Zone Global Resource Estimate ........................................................................... 35

Table 14.9 Comparison of Assay, Composite and Block Model Grades .................................................. 36

Table 14.10 Comparison of Kilborn 1995 Resource Estimates and 2017 Resource Estimate .................. 38

Table 25.1 Mazoa Hill Zone Resource Estimate....................................................................................... 49

Table 26.1 Recommended Marudi Property Exploration Budget ............................................................. 51

Figures

Figure 4.1 Marudi Property Location Map .................................................................................................. 8

Figure 4.2 Marudi Property Location ........................................................................................................ 10

Figure 6.1 Areas of Historical Exploration Activity ................................................................................... 14

Figure 7.1 Marudi Property Regional Geology ......................................................................................... 18

Figure 14.1 Cumulative Frequency Plot Mazoa Hill Assays ...................................................................... 29

Figure 14.2 Mazoa Hill Zone Plan View ..................................................................................................... 31

Figure 14.3 Mazoa Hill Zone Longitudinal View Looking Northeast .......................................................... 31

Figure 14.4 Mazoa Hill Zone Cross-Sectional View Looking Northwest .................................................... 32

Figure 14.5 Vertical Cross Section 400 Showing Block Model and Corresponding Assay Grades .......... 36

Figure 14.6 Mazoa Hill Block Model Swath Plots....................................................................................... 37

Figure 25.1 Schematic Cartoon of Possible Mazoa Hill Fold Morphology ................................................. 49


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2 Introduction

Global Mineral Resource Services (GMRS) has been retained by Guyana Goldstrike Inc. (GGI) to prepare a technical report on the Marudi Property (Property) in Guyana, South America. The Property contains numerous gold occurrences, the most significant of which are the Mazoa Hill and Marudi North Zones. This report includes a resource estimate for the Mazoa Hill Zone. The report is written in compliance with National Instrument (NI) 43-101, and has been prepared to support GGI’s ongoing exploration of the Property

Sources of information used in the preparation of this report are listed in Section 27 or are cited elsewhere within the report.

As part of the completion of this report the author inspected the Property on November 26 and 27, 2017 for a period of two days.


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3 Reliance on Other Experts

GMRS has relied upon GGI for information pertaining to the legal description of the Property, Property ownership, existing and required permits, as well as rights and obligations and encumbrances that pertain to GGI’s ownership of the Property.

All such information has been obtained from Peter Berdusco, President and CEO of GGI or Locke Goldsmith, P.Geo., Chief Geologist and Exploration Manager of GGI.

GMRS has reviewed the information referenced above but is not qualified to, and has not, verified it.


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4 Property Description and Location

The Property is located in southern Guyana, South America and is comprised of one mining licence (ML1/2009) that is 13,502 acres (5,464 ha) in area. Three areas of “small claims” with an aggregate area of approximately 227 acres (92 ha) are located within the boundaries of the mining licence but are excluded from it. The mining licence is held in the name of Romanex Guyana Exploration Ltd., was issued on April 17, 2009, and is valid for a period of 20 years (April 17, 2029) with an extension of seven (7) years if desired. GGI has the right to acquire 100% ownership of Romanex Guyana Exploration Ltd.

The location of the Property is shown in figure 4.1.

Figure 4.1 Marudi Property Location Map


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The coordinates of the corners of the mining licence are given in Table 4.1 and are shown in Figure 4.2. Figure 4.2 also shows the “small claims” within the mining licence.

Table 4.1 Marudi Property Mining Licence Coordinates

Corner North West

Degrees Minutes Seconds Degrees Minutes Seconds

A 2 16 34 59 10 9

B 2 12 28 59 7 23

C 2 10 39 59 10 3

D 2 14 41 59 12 4


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Figure 4.2 Marudi Property Location


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To hold the mining licence GGI must pay to the government of Guyana an annual rent of US$5.00 / acre. In the event of mineral production, GGI must pay the state a royalty of 5% ad valorem on gold and a royalty of 1.5% ad valorem on any other valuable minerals.

GGI has indicated that the Property is not subject to any other royalties, back-in rights, payments or other agreements or encumbrances.

The Property is not subject to any environmental liabilities. GGI is intending to conduct a baseline environmental study to document the current state of the Property.

No other permits other than the existing mining licence are required to conduct any work on the Property including mining.

GGI has indicated that there are no other significant factors or risks that may affect access, title or the right or ability to perform work on the Property.


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5 Accessibility, Climate, Local Resources, Infrastructure and Physiography

The Property is located in the Rupununi District, southwestern Guyana, approximately 500 kilometers (km) south of the capital Georgetown and approximately 60 km east of the international border with Brazil. The nearest community is Aishalton, 35 km to the northwest. The nearest community that is serviced by scheduled commercial flights is Lethem, approximately 200 km to the northwest of the Property. (Figure 4.1) The Property is accessible by road from Georgetown via Lethem and Aishalton although the road is of variable quality and during the rainy season portions may become temporarily impassible. Access is also possible from Venezuela and Brazil. The nearest major community in Brazil is Boa Vista, a straight-line distance of approximately 180 km west of the Property The Marudi Property is located between 260 meters (m) to 520 m above sea level. The terrain varies from gently sloping uplands to relatively steep mountain slopes within the Marudi Mountains. Vegetation consists of small to large tropical shrubs and trees. Thin organic soil covers saprolite that extends to depths exceeding 50 m. The area between Lethem and the Property is part of the Rupununi Savanna and is covered by grasses and scattered trees. Guyana has a tropical climate with uniformly high temperatures and humidity, and abundant rainfall. Seasonal variations in temperature are slight, particularly along the coast, but locations in the interior, away from the moderating influence of the ocean, experience slightly wider variations in daily temperature and night-time readings as low as 12°C have been recorded. Humidity in the interior is also slightly lower, averaging approximately 60 percent. Rainfall is heaviest in the northwest and lightest in the southeast and interior parts of the country. Annual average rainfall on the coast near the Venezuelan border is approximately 250 centimeters and 150 centimeters in the Rupununi Savannah in southern Guyana. The heaviest rainfall occurs between May and July. Infrastructure within the Property is limited: GGI has a camp that includes wooden structures with cement or wooden floors for bunk houses, offices, kitchen, dining rooms, bathroom/shower, fuel depot, generator, and core storage. . Resources in the immediate area of the Property are limited to timber. Limited supplies, principally food, can be obtained in Aishalton and environs; Lethem has a broader selection of supplies and support services, but most necessities including fuel must be transported overland from Georgetown or several nearer communities within Guyana or Brazil.

GGI holds surface rights within the mining licence with sufficient locations for any anticipated mining and processing operations including storage areas and waste disposal. Water is abundant. It will be necessary to generate electrical power on site. There are numerous small-scale miners in the area with some knowledge of mining, but skilled personnel would have to be recruited from other mining operations in Guyana or from elsewhere.


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6 History

6.1 Prior Ownership and Associated Exploration Programs

The Property has an extensive history of exploration by a series of operators beginning in 1946 and extending to the present. The sequence of owners, the exploration programs conducted by them, and the results obtained are summarized in this section. Locations of the areas of interest are shown in Figure 6.1.

Rupununi Gold Company 1946-1949 From 1946 to 1949, Rupununi Gold Company (“Rupununi”) conducted geologic mapping, prospecting, test pitting and trenching, and completed 59 drill holes totaling 10,670 m, most of which were drilled on the Marudi North Zone. Additionally, an exploration adit was driven 84 m into the west flank of the Mazoa Hill Zone. In 1949, Rupununi estimated an alluvial resource of 459,000 m³ grading 0.45 g/m³ in creeks draining away from Marudi Mountain.

NorMan Mines Ltd. 1981 In 1981 NorMan Mines Ltd. (“NorMan”), drilled two holes at Mazoa Hill and had preliminary metallurgical test work done by Witteck Development Inc. During 1981 and 1982, NorMan also performed an alluvial sampling program on the Property and estimated gold concentrations between 0.62 and 1.24 grams per tonne.

Noranda Inc. 1984 In 1984 Noranda Inc. and Guyana Mining Enterprise extended the adit at Mazoa Hill to 183 m. Eastern Caribbean Mining Development (Guyana) Ltd 1988-1990 From 1988 to 1990, Eastern Caribbean Mining Development (Guyana) Ltd. (ECMD) established a control grid and conducted geologic mapping, soil geochemical and geophysical surveys, as well as trenching. ECMD geologists recognized the association of gold with iron-bearing quartzite.

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Figure 6.1 Areas of Historical Exploration Activity

Romanex Guyana Exploration Ltd. - Sutton Resources Ltd. 1990-1999 Romanex Guyana Exploration Ltd. (Romanex) was formed by Sutton Resources Ltd. (“Sutton”) and commenced work on the Property in 1990. Access and camp construction were completed in the fall of 1990 and diamond drilling commenced in May 1991. Drilling (72 holes totaling 14,468 m) was focused primarily on the Mazoa Hill Zone with limited drill tests of the Marudi North, Peace, and Toucan targets. Magnetic / VLF, soil and rock chip surveys were also conducted. 1992: Romanex completed eighteen diamond drill holes (4,400 aggregate m) at Mazoa Hill and three holes on the Marudi North Zone. At Marudi North, auger holes tested interpreted northwest-trending veins. Auger holes at Mazoa Hill intercepted brecciated gold-bearing quartzite. Romanex commissioned metallurgical test work by Westcoast Testing (Vancouver) including bench scale gravity, flotation, cyanide leaching studies. 1993: Romanex completed nine diamond drill holes (2,626 aggregate m) at Marudi North, Toucan, and below Mazoa Hill. 1994: Drilling continued with 34 holes totaling 7,309 meters. 1995: Metallurgical studies were completed by Lakefield Research (Toronto, Ontario) which indicated recoveries of to up to 98%. Romanex commissioned Kilborn Engineering Ltd. to complete an evaluation study including a capital expenditure model which indicated that resources additional to those already identified would be necessary to make the project economically viable.

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Vannessa Ventures Ltd 1999-2005 1999 to 2000: Vannessa Ventures Ltd (“Vannessa”) acquired Romanex on July 22, 1999. Vannessa compiled data and conducted field validations to confirm previous data, carried out geochemical sampling and also completed an in-house feasibility study to evaluate mining the upper portion of the Mazoa deposit and the surrounding gold-bearing saprolite. 2004 to 2005: Vannessa drilled 13 diamond drill holes (2,627 aggregate m), including five on Mazoa Hill, four on the Peace Creek target and four on the Marudi North Zone. The Mazoa Hill drilling tested for extensions to the known limits of the zone and three of the five holes intersected mineralization of potential economic interest. The Peace Creek drilling was intended to test a mineralized structure that had been identified by Rupununi Mines during the period 1946-1949. Three of the four holes drilled here intersected gold mineralization with grades up to 4.9 g/t over intercepts of up to 2.7 m. The Marudi North holes ended in the hangingwall of the mineralized stratigraphy.

Shoreham Resources Ltd. / Guyana Frontier Mining Corp. 2007 - 2012 In 2007 and 2008 Shoreham Resources Ltd. conducted exploration programs consisting of trenching, auger drilling, and geochemical sampling. The locations of Shoreham work areas were partially guided by results of grid soil sampling conducted by Vannessa in 2000. Shoreham drilled 1,050 auger holes (5,500 aggregate m), primarily in two detailed grids referred to as Marudi East and Toucan Hill to explore for new targets. The holes were vertical, penetrated saprolite and weathered bedrock, ranged in depth from 2 m to 8 m, and produced 5,500 1-meter samples. Within the he Marudi East grid, 420 of 1,324 auger holes intersected intervals with greater than 0.2 gram per tonne (g/t) gold. Gold values ranged from detection limit to 29.6 g/t over one-meter intervals. The most encouraging of the shallow drill holes terminated in well-mineralized material and contained an average of 11.2 g/t gold over 6.0 m within a zone that averaged 1.36 g/t across a width of 120 m. New targets were identified in the Toucan Hill area, with 391 of 3,615 samples exceeding 0.2 g/t and sample values ranging up to 23.0 g/t. Several trenches at Mazoa Hill and one at Marudi North were excavated and sampled by vertical cuts along the walls and by auger holes along the base. Qualitative assessment of gold potential was estimated by pan concentrates and visible gold counts. On January 31, 2011 Shoreham Resources Ltd. changed its name to Guyana Frontier Mining Corp. (Guyana Frontier). Guyana Frontier did not generate a report to document their 2011-2012 exploration programs that included trenching and drilling; information appeared only in press releases and are summarized in the following paragraphs. Nineteen trenches with an aggregate length of 3,400 m were excavated in the Marudi North target area. The results of the trenching indicate that gold mineralization is present in bedrock within the area tested. A total of 1,059 trench samples, each weighing between 1 to 3 kilograms, were taken in continuous horizontal 3-m intervals with the exception of the first three trenches in which 10 samples were 5 m in length. Two samples were collected for each three-meter interval: one sample was panned to determine the presence of and to count gold grains, and the other was sent for assay. Gold mineralization is associated with the subcrops of quartzite and consists of fine gold dust and gold grains up to 0.5 x 2.0 millimeters (mm) in size. The angular, wire, and hackly shapes of gold grains indicate that the gold has weathered in-situ and has not been transported a significant distance from its source. Guyana Frontier's 2012 drilling program comprised 12 holes with an aggregate length of 1,977m. Three holes were drilled at Mazoa Hill to confirm results obtained in holes drilled by Romanex, and the remaining nine holes were drilled in the Marudi North area.

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The three Mazoa Hill 2012 drill holes all intersected gold mineralization. For example, hole MH12-132 returned a weighted average of 2.59 g/t gold over 37.47 m. Four of the holes drilled in the Marudi North target area encountered gold mineralization in excess of 0.2 g/t. The highest grade x thickness intercept was 4.3 g/t gold over 17.6 m. Swift Resources Inc. / Guyana Goldstrike Inc. Swift Resources Inc. (Swift) entered into an agreement to acquire a 100% interest in Romanex Guyana Exploration Ltd. on November 1, 2016, through the issuance of shares and cash payments. On March 21, 2017, Swift changed its name to Guyana Goldstrike Inc. (GGI).

6.2 Historical Mineral Resource Estimates

Previous reports on the Property make reference to four historical resource estimates. The methodology used for three of these estimates is not known or appears to be too simplistic to result in a credible estimate. The fourth estimate pertains to the Mazoa Hill Zone and was conducted by Kilborn Engineering (Kilborn) in 1995 for Sutton. This estimate is based on assays obtained from 35 holes drilled in the zone by Sutton. The estimate is fully documented and is conventional in its methodology. Kilborn estimated a global resource and then constrained that resource by an optimized pit shell. The results of both estimates are presented in Table 6.1. Numbers have been rounded from the original estimate.

Table 6.1 Kilborn 1995 Mazoa Hill Zone Resource Estimate

Kilborn 1995 Mazoa Hill Zone Resource Estimate

Classification Tonnes Au g/t Ounces Au

Measured + Indicated (global) 3,800,000 2.94 319,600

Inferred (global) 861,000 2.45 67,800

In-Pit 2,988,000 2.89 277,700

A qualified person has not done sufficient work to classify this historical estimate as a current mineral resource, and GGI is not treating it as a current mineral resource.

6.3 Production from the Property

There has been no documented production from underground. Informal, small-scale alluvial mining has been pursued since gold was discovered here in 1934 but the quantity of gold recovered is not documented. At present, GGI has a formal agreement with small-scale miners to allow them to process and recover gold from alluvium in exchange for a royalty. In the six months ending September 31, 2017, these miners recovered 618.2 ounces of gold.

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7 Geological Setting and Mineralization

7.1 Regional Geology

The Property is located within the Guyana Shield and is underlain by Proterozoic-age (2,090 Ma. ±42 m.y), metasedimentary rocks of the Kwitaro Group and the younger Southern Guyana Granite Complex, also of Proterozoic age (1,701 Ma ±28 m.y. to 1,838 Ma ±30 m.y). The Kwitaro Group is largely comprised of shallow-water metasediments with interbedded basic volcanic strata, all of which are metamorphosed from upper-greenschist to lower-amphibolite facies. The Kwitaro Group occurs as five discrete enclaves of metasedimentary rocks, each several hundred square km in extent, and each bounded by intrusive rocks of the Southern Guyana Granite Complex. Despite their discrete distribution, similarities in petrology, metamorphism, and structure suggest that they belong to a single group. The most common lithologies are pelitic and semipelitic metasediment, now represented by metasiltstone, biotite-muscovite phyllite, schist and gneiss. The Marudi Formation occurs at the base of the Kwitaro Group and is comprised of quartzite, pelite, quartz pebble conglomerate, andesite and amphibolite, probably derived from a basalt or andesitic protolith. The pelite shows graded bedding and current structures, and the quartzites display compositional banding and cross-bedding. Dips of planar structures and mineral lineations vary from horizontal to vertical. Folding is tight to open. Contact metamorphism within Kwitaro Group rocks occurs adjacent to the Southern Guyana Granite Complex intrusives. Veins and dikes of aplite-pegmatite cut the metasediments and small xenoliths of metasedimentary rocks occur within the granite. The Southern Guyana Granite Complex largely consists of two types: grey, biotite + muscovite, hornblende, epidote granite to granodiorite with steep foliation and/or lineation and less-abundant pink, biotite-muscovite granite that may be fine or coarse-grained and is in part foliated. The pink granites were inferred by Berrange (1972) to have evolved metasomatically from the grey granite. The Marudi Granodiorite is a small pluton located on the north side of the Marudi Formation enclave coincident with a northwest-trending synclinal axis (Figure 7.1). This intrusive is younger than the Southern Guyana Granite Complex and is possibly associated with the gold mineralization that occurs within the Property. Two major compressional deformational events have been recognized in the Property area. The first produced relatively tight northeast-trending folds in the Marudi Formation and the axes of these folds are generally coincident with topographic ridges and comprise two anticlines and an intervening syncline. (Figure 7.1) The second deformational event caused northeast-southwest shortening and produced open folds with northwest-trending axes and several flexures that disrupt the original, regional northeast strike of the Marudi Formation. The Property covers one of these flexures and, at the scale of the map, it appears that both the Mazoa Hill and Marudi North Zones are coincident, or nearly so, with the synclinal axis of this flexure. (Figure 7.1)


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Figure 7.1 Marudi Property Regional Geology

7.2 Property Geology

The geology of the Property is dominated by the Marudi Formation, the major units of which are meta-andesite, pelitic metasediment and quartzite that contains intervals of meta-andesite, tuff and magnetite-bearing metasediment. The assumed stratigraphic sequence is, from oldest to youngest, andesite-metasediment-quartzite. These rocks have been subjected to upper-greenschist to lower-amphibolite grade regional metamorphism. The Marudi Granodiorite, on the north flank of Marudi Mountain, post-dates the Marudi Formation and has caused marginal contact-metamorphism. The meta-andesite is a dark green, compact, massive rock with no internal fabric and is largely comprised of amphibolite and feldspar. Altered pyroxene and calcite-filled amygdules occur locally. Epidote schlieren, white calcite veinlets and scattered red jasper are found throughout the unit. Very fine-grained chilled zones and incipient breccia in the upper few meters of the unit characterize the sharp contact with the overlying quartzite. In some but not all drillholes, pelitic metasediment occurs between the andesite and quartzite and also occurs as interbeds within the quartzite. The metasediment is fine-grained, dark to medium grey, and displays bedding and laminations.


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The quartzite horizon is the principal or only host of gold mineralization within the Property and is estimated to be approximately 40 m thick. This unit is pale blue-grey or white, and commonly contains white quartz stringers and veins near the contacts. The quartzite is medium-grained and exhibits faint color banding, possibly indicative of bedding. Cross-bedding was noted in outcrops at the Mazoa Hill Zone. It has been speculated that the quartzite may be a devitrified chert although chert is also present within this sequence which indicates that chert was not destroyed by metamorphism, so it is reasonable to infer that the quartzite protolith was a relatively pure sandstone, particularly as the Marudi Formation contains pebble conglomerate and quartzite and pebble conglomerate occur in other age-equivalent enclaves of the Kwitaro Group. Iron oxide is a common minor component of the quartzite, occurs in quantities up to five percent and is pervasive as fine streaks and dusty clouds between quartz grains. In fresh rock, iron is commonly present as magnetite. At Mazoa Hill the quartzite contains specular hematite in addition to magnetite which may be indicative hydrothermal alteration. Within the quartzite, magnetite is mostly concentrated in a magnetite-silicate “banded iron formation” unit that is approximately 50 cm thick. Medium-green intervals of fine, dense, massive iron silicate (possibly chlorite or annite) three to ten cm in thickness, are separated by one to three-cm layers of brown to beige euhedral garnet. Magnetite occurs as streaks and bands in a one to two-cm layer. Chert beds consisting of cryptocrystalline dark blue grey silica in layers one to two cm thick also occur. An acicular green silicate, possibly actinolite, is commonly associated with minor calcite and is prominent in some intervals of the quartzite. Pyrrhotite and pyrite are both present. Some intervals contain very fine disseminations of pyrrhotite. Pyrite is sparsely disseminated and is coarser than pyrrhotite. Total sulphide is commonly one to two percent. Manganese occurs as pyrolusite, rhodochrosite, and possibly rhodonite. On and near surface, weathering has caused portions of the quartzite to become friable and to disaggregate into silica sand. The presence of massive blocks of quartzite up to five m in diameter within the weathered zone may be indicative of silica flooding that may have accompanied the alteration of magnetite to hematite and the emplacement of gold mineralization. Grey, leucocratic feldspar dikes, quartz-feldspar porphyry dikes and green mafic dikes were intersected in some of the drillholes at Mazoa Hill. The dikes strike easterly and dip vertically or steeply to the north. Contacts are generally chilled. Fresh felsic dikes are very competent. The mafic dikes appear to have been metamorphosed. As well, foliation is common in the mafic dikes indicating that they could be older than the feldspar porphyry dikes. The Marudi Formation has been deformed by at least two generations of folding. Within the Property, the intersection of northeast-trending, upright, early folds by subsequent north-northwest striking cross-folds has produced complex, locally tight folds. In particular, the Mazoa Hill Zone appears to be located on, and parallel to, the axis of a northwest-trending syncline. By contrast, the Marudi North Zone to the north of the Mazoa Hill Zone, appears from drilling to have a generally easterly strike and therefore may be associated with an earlier northeast-trending fold. Alternatively, because the northwest-trending syncline plunges to the north and therefore opens to the north, the Marudi North Zone may on the same northwest-trending structure, but is less deformed than the Mazoa Hill Zone that is located in the most intensely deformed portion of the northwest-trending fold. 7.3 Mineralization

Gold is the only mineral of potential economic significance that occurs within the Property and has been found in bedrock, overlying saprolite and in elluvium / alluvium in drainages topographically below areas of known bedrock mineralization. The hostrock for all significant mineralization is the quartzite unit of the Marudi Formation.

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Although there are numerous gold occurrences within the Property, exploration has been focused on three main zones of gold mineralization. In order of the diminishing amount of exploration they have received, these are Mazoa Hill, Marudi North, and Peace Creek. Widely-separated holes have been drilled at a number of other locations, but the information obtained from them has been insufficient to permit a meaningful interpretation of the mineralization encountered.

The Mazoa Hill Zone has been explored by surface trenching and approximately 63 drillholes. This work has defined a zone of mineralized quartzite that strikes northwest, is approximately 300 meters long along strike, 100 meters wide across strike and has been traced to a depth of 200 meters below surface. The zone is near-vertical or dips steeply to the northeast. The saprolite layer above the quartzite is up to 30 meters thick but is generally thinner and part of the Mazoa Hill Zone quartzite is exposed at surface.

The Mazoa Hill Zone appears to be bounded both laterally and along strike by andesite and at depth by andesite and metasediment. The zone may be bounded laterally and along strike by faults, but the structural setting is also suggestive of a doubly-plunging syncline that has resulted from the intersection of northeast-trending and northwest-trending folds. (Figures 14.2,3 and 4)

The Marudi North Zone is located approximately 1,500 m northwest of the Mazoa Hill Zone and strikes approximately east-west or possibly southeast. Approximate dimensions indicated by drill holes are: strike length 250 m, width across strike 100 meters, and depth extension approximately 150 m, although these dimensions are uncertain because the morphology of the zone is poorly understood and appears to be open along strike and down dip. The strike of the zone suggests that the distribution of mineralization may be more strongly influenced by northeast-trending folds than by northwest trending folds but equally may incorporate elements of both.

The Peace Creek Zone was interpreted by Vannessa Ventures Ltd. (Caumartin, 2005) to contain a series of north-striking, vertically-dipping veins. As no other information is available regarding this zone it is not possible to assess this interpretation except to comment that although quartz veins are common elsewhere, they are not notably mineralized. Therefore, it is possible that the distribution of mineralization in the Peace Creek Zone is similar to that in the Mazoa Hill Zone and the principal host is quartzite rather than quartz veins.


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8 Deposit Types

The presence of iron oxides in the quartzite has, since the work of Eastern Caribbean Mining Development during the period 1998 – 1990, led to the quartzite being termed an “iron formation” and consequently the gold mineralization as “iron-formation-hosted gold”. Although it is true that the quartzite contains iron oxides, they are sparse, amounting to five percent or less, and the rock, sensu stricto, does not meet the definition of an iron formation which by convention contains a minimum of 15% iron and in which the iron oxides are interbedded with chert, jasper or quartz. The following illustrative description was taken from the Encyclopedia Britannica website:

https://www.britannica.com/science/banded-iron-formation

“Banded-iron formation (BIF), chemically precipitated sediment, typically thin bedded or laminated, consisting of 15 percent or more iron of sedimentary origin and layers of chert, chalcedony, jasper, or quartz. Such formations occur on all the continents and usually are older than 1.7 billion years. They also are highly metamorphosed. Most BIFs contain iron oxides—hematite with secondary magnetite, goethite, and limonite—and are commonly used as low-grade iron ore (e.g., as in the Lake Superior region of North America). Because BIFs apparently have not formed since Precambrian time, special conditions are thought to have existed at the time of their formation. Considerable controversy exists over BIF origin, and a number of theories have been proposed. Their formation has been variously ascribed to volcanic activity; rhythmic deposition from iron and silica solutions due to seasonal variations; oxidation of iron-rich sediments contemporaneous with deposition; and precipitation from solution as a result of special oxidation-reduction conditions.”

As mentioned elsewhere in this report, the quartzite hostrock may be a devitrified chert but, with the exception of a marker bed that contains chert and magnetite, the contained iron oxides do not form alternating layers with the quartzite; instead the iron is disseminated throughout as coatings on silica grains. Regardless, the presence of iron oxides may have been instrumental in the precipitation of sulphides and gold, so the iron formation model is useful to the extent that it identifies the iron-bearing quartzite as the preferred host for gold mineralization.

Gold and presumably the associated sulphides are preferentially and perhaps entirely associated with deformational features that have affected the quartzite which suggests that mineralizing fluids travelled along structures and that the quartzite was a favourable, permeable host with a suitable chemical character in the form of disseminated iron oxides that induced the deposition of gold and iron sulphides. The enclosing andesite and pelitic metasediments would have acted as relatively impermeable barriers to fluid movement.

The Marudi Granodiorite is located on the same northwest-trending synclinal axis as the Marudi and Mazoa Hill Zones and may have generated the fluids as well as heat necessary to cause the circulation of hydrothermal fluids from which gold was precipitated. Therefore, genesis of gold mineralization within the Property is considered to fit a model with three significant components: 1) a permeable and chemically favourable quartzite hostrock, 2) deformation that created fluid pathways into and within that hostrock, and 3) a heat source and possibly a fluid source, to transport gold and sulphur into the structurally-prepared quartzite.

https://www.britannica.com/science/iron-chemical-element

https://www.britannica.com/science/chert

https://www.britannica.com/science/magnetite

https://www.britannica.com/science/goethite

https://www.britannica.com/science/ore-mining

https://www.britannica.com/place/Lake-Superior-lake-North-America

https://www.britannica.com/science/Precambrian-time

https://www.britannica.com/science/sedimentation-geology

https://www.merriam-webster.com/dictionary/contemporaneous

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9 Exploration

The only exploration work undertaken by GGI is the excavation, in November 2017, of three trenches in the valley midway between the Mazoa Hill and Marudi North Zones at location UTM 258174E / 245910N (Provisional South American 1955 datum). The trenches are oriented at 030° and are approximately 10 meters apart; each trench is approximately 30 meters in length and they were excavated to look for a possible source of gold that was found in this vicinity by small-scale miners, and further, to assess whether that mineralization may be associated with a trend between the Mazoa Hill and Marudi North Zones. This possible trend includes indications of mineralization that were obtained from a trench (Trench F) excavated in 2011 as one of a series that tested the slope south of the Marudi North Zone.

The outer trenches did not penetrate laterite, but the central trench exposed a knob of quartzite extending to approximately one meter below surface. Samples were collected along the walls of the trenches; assays are pending.


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10 Drilling

GGI has done no drilling on the Property. Assays used in this report as the basis of the resource estimate of the Mazoa Hill Zone were obtained from drill core generated by previous operators. For that reason, that drilling is discussed here. A total of 141 holes have been drilled on the Property; data are available for 121 of that total. Table 10.1 is a summary of drilling done on the property by zone, year and operator, for which data are available.

Table 10.1 Drilling Statistics for the Marudi Property

Marudi North Zone Area

Operator Year Number of Holes Length (m)

Rupununi Gold Company 1946 - 1947 23 4,242

Sutton Resources 1992 - 1994 19 3,962

Vannessa Ventures Ltd. 2004 7 1,642

Total 49 9,846

Mazoa Hill Zone Area


Sutton Resources 1991 - 1994 43 7,853

Vannessa Ventures Ltd. 2004 8 1,241

Guyana Frontier 2012 12 1,978

Total 63 11,071

Peace Creek Area


Sutton Resource 1992 - 1993 9 2,508

No information is available regarding the drilling conducted by the Rupununi Gold Company other than a comment that down-hole surveying was done using acid dip tests.

The holes drilled by Sutton Resources in the 1990s were all NQ in size and down-hole surveying was done using a Pajari instrument. The one Sutton report that is available (June 1995), does not describe core handling or logging procedures.

Vannessa drillholes were NQ in diameter and down-hole surveying was done by Sperry Sun, Tropari or Single Shot instruments. Core was placed in core boxes, from left to right, by the drill crew. Boxes of core were covered with lids and were moved to camp by the drill crew. The core was logged by a geologist; prior to logging the core was measured for recovery, washed and photographed. Lithology and rock quality designation (RQD) and fracture density were recorded. Sample intervals were marked on the core and a sample tag was inserted under the core at the beginning of each sample interval. Only qualified personnel were permitted to handle the drill core or to be in the area in which the core was processed.

Shoreham Resources / Guyana Frontier did not generate a technical report to describe the results of their 2011 – 2012 drill program and therefore a description of core handling procedures is not available.


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The geometry of the mineralized zones is variable and the holes that penetrate those zones were drilled at a variety of orientations and dips. Therefore, the relationship between intersected and true thickness of mineralization is also variable. In the case of the Mazoa Hill Zone, this variability has been addressed during the resource estimation process by constraining the mineralization with a geological model and using the model geometry to approximate true thickness.

Downhole survey values for some Sutton drillholes were estimated rather than measured, apparently because of instrument failure. The estimates were based on measured variability in those holes that had been surveyed and in which hole deviation was noted to be systematic. This approach supposes that all deviations are similarly consistent which may not have been the case. Regardless, this approach is considered to be preferable to the presumption that there was no deviation and any error that has been introduced is mitigated by the fact that the holes are relatively short and therefore the magnitude of any error will be relatively small.

Drillhole locations, orientations and mineral intercepts are addressed in Section 17 of this report.


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11 Sample Preparation, Analyses and Security

11.1 Sample Preparation, Analyses and Security

No information is available regarding sample preparation, analysis and security for holes drilled by Rupununi Gold Company.

Sutton sampled most core in three-meter lengths and all samples were obtained by sawing the core in half, bagging one half and retaining the remainder in the core boxes for archival purposes.

Sutton submitted their samples to Loring Laboratories in Georgetown, Guyana for analysis. Samples were crushed and pulverized and assayed by atomic absorption (AA). Samples with AA values in excess of 1 g/t gold were re-assayed by fire assay. Security protocols are not known.

Vannessa collected core samples by sawing drillcore into two halves, sampling one half and archiving the remainder in the core boxes. Sample tags were placed in the corebox at the start of the sample interval and a duplicate tag was placed in the sample bag. Samples were sent to the Omai gold mine in Guyana for analysis; the analytical method is not known.

Shoreham / Guyana Frontier collected core samples by sawing the core into two halves, collecting one half and archiving the remainder. Sample tags were affixed to the core box at the beginning of sample intervals and a matching tag was placed in the sample bag. Access to and handling of drillcore was restricted to the geologist in charge and his assistants. Samples were submitted to Acme Labs in Santiago, Chile where they were assayed for gold by atomic absorption and for a suite of 32 other elements using ICP.

11.2 Quality Assurance / Quality Control (QA/QC)

Sutton apparently did not use standards and blanks but had a Quality Assurance policy whereby every fourth sample was routinely re-assayed, every sample with a value greater than 500 ppb gold was re-assayed and every sample with a value greater than 1 g/t gold was re-assayed by fire assay. All repeat assay values are recorded on the laboratory assay certificates together with the original value.

Assay sheets indicate that Vannessa used both blanks and standards. A review of the 2004 assay database indicates that for approximately 900 core assays, there are 19 assays of blanks and 29 assays of standards. The blank assays indicate no evidence of cross-sample contamination. Three certified standards were used and although the certificates are not available, all assays are within a few percent of the expected mean values.

Guyana Frontier employed standards and blanks in their drill program of 2011 – 2012. In total, 91 blanks were used, for an insertion rate of approximately 8%. The highest assay was 0.031 g/t gold; most blank assays were less than 0.005 g/t. The blanks therefore show no evidence of contamination.

Guyana Frontier employed a total of 53 standard samples for an insertion rate of 5%. Four standards, obtained from CDN Resource Laboratories, were used (CDN CM-17, CDN GS-6A, CDN GS-20A and CDN GS-P2A). All assays except one were within two standard deviations of the expected mean; the one exception was within three standard deviations.

GMRS is of the opinion that the sample preparation, analytical procedures and security are adequate for the purposes of resource estimation.


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12 Data Verification

GMRS has verified the data used in the Mazoa Hill Zone resource estimation described in Section 17 of this report in the following ways:

1) By inspecting the Property to examine geology, drill collars, drill core, and evidence for the presence of mineralization;

2) By collecting verification samples from drillcore to compare analytical results with historical assay values;

3) By comparing gold assay values on laboratory certificates against gold assay values in the database received from GGI.

The quartzite hostrock of the Mazoa Hill Zone is sufficiently well exposed at surface to permit the observation of strike and dip of the strata as well as various deformational features. Recent activity by informal miners has disturbed or destroyed evidence of most historical drillholes; only one drillhole collar (MH93-90) was found in place and was measured as being within a few meters of the original coordinates. There is abundant evidence of the presence of mineralization by the presence of numerous small-scale miners who are exploring and exploiting alluvial and elluvial gold mineralization as well as a portion of the saprolite on the Mazoa Hill Zone.

GMRS collected four verification samples as described in Table 12.1 together with the original assay results.

Table 12.1 Mazoa Hill Verification Samples

GMRS Sample DDH Depth (m) Au g/t Original Sample Interval (m) Au g/t Comment

1 MH91-60 19.00 0.164 4865 18.0 - 21.0 3.51 Quarter Core

2 MN12-131 232.00 0.002 5260 231.5 - 232.5 5.05

3 MH91-61 94.75 0.002 - 93.0 - 96.0 0.94

4 MN12-130 59.00 0.037 5092 59.0 - 59.41 1.33

Although they do indicate the presence of gold, the assay values for the verification samples are significantly lower than the original assay values for the intervals sampled. This outcome is attributed to both the discrete nature of gold distribution in the rock and to the fact that the original samples were collected from the full interval whereas the verification samples were single pieces of core from within the interval of interest.

The Mazoa Hill Zone assay dataset is comprised of approximately 2,400 assays, most of which are supported by assay certificates. GMRS reviewed approximately 25% of those. The only discrepancies noted were attributable to rounding (to the third decimal place) of assay values in the database relative to the assay certificates.

GMRS is of the opinion that the data is adequate for the purposes of resource estimation.


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13 Mineral Processing and Metallurgical Testing

Mineralization from the Mazoa Hill Zone, has been subjected to a series of metallurgical tests, beginning with a study conducted by Witteck Development for NorMan Mines Ltd.in 1982, followed by tests by Westcoast Development for Sutton Resources in 1991 and 1993 and by Lakefield Research in 1995, also for Sutton. There have been no subsequent tests.

The Witteck test program conducted for NorMan Mines Ltd. Obtained the following results:

A sample pulverized to 100% passing 18 mesh yielded 89% dissolution after a 72-hour agitated cyanide leach; a sample ground to 80% passing 75 microns, yielded 78.7, 92.6 and 94.5% dissolution after 24, 48 and 72 hours cyanide leaching respectively. Lime consumption was 10.3 kg per tonne and cyanide consumption was 1.3 kg per tonne; flotation recovery on a single test gave 65% recovery to seven percent by weight of the feed; and column leaching resulted in 80% dissolution in 160 hours. The nature, size and provenance of the samples is not documented in available historical reports.

The testing program conducted by Westcoast Mineral Testing Inc. for Romanex in 1991 was carried out on samples of drillcore comprised of equal proportions of fresh and weathered rock. The size of the sample is not stated. The Westcoast tests produced the following results:

A ground sample, pre-aerated for 24 hours, yielded 87.8% dissolution with cyanide consumption of 0.4 kg per tonne; a ground sample was hand panned and 41.4 percent of the gold was concentrated in 1.3 percent of the original mass; cyandation of the tailings from the gravity concentration stage resulted in almost complete dissolution. Cyanide consumption was 2.9 kg per tonne; a single flotation test recovered 90.6% of the gold to four percent of the original mass.

The 1993 test by Westcoast Mineral Testing Inc. for Sutton was intended to assess the amenability of the Marudi mineralization to heap leaching. Westcoast conducted a bottle roll cyanide leach test for 24 hours. Dissolution was 58.1% with the majority of losses occurring in the finest (-100 mesh) fraction.

In 1995, Sutton commissioned Lakefield Research Ltd. to conduct metallurgical tests on a composite sample of Marudi mineralized material. As in 1993, the objective of the test was to assess the amenability of Marudi mineralization to heap leach recovery. The material submitted for test work was comprised of a 16-kg composite of eight samples with an assayed head grade of 2.11 g/t Au.

Two cyanidation tests were conducted on minus ¼ inch material for periods of five and fourteen days, and a third test was conducted on minus 10 mesh material for five days. The cyanidation tests were conducted at 40% solids and pH of 10.5-11 with 1 g/L NaCn concentration maintained throughout the test. Gold recovery was 93% after five days with a consumption of 0.3 kg/t cyanide. Bottle roll tests on minus ¼ inch material recovered 59-67% of the gold in five to fourteen days and a column test (four inch by five feet) on agglomerated minus ¼ inch material recovered 65% of the gold in 23 days.

Not all of the sample material is described in the documentation available but several of the samples are described as being composites of both weathered and fresh material. While that does not guarantee representativeness of the deposit as a whole, it does suggest that the sample was prepared with representativeness as one of the objectives of the exercise.

There are no known processing factors or deleterious elements that could have a significant effect on potential economic extraction.


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14 Mineral Resource Estimates

14.1 Exploratory Data Analysis

The dataset as received contained collar locations and downhole surveys for 121 drillholes, together with 6,394 gold assays and lithological descriptions for most of those 121 holes. The majority of holes were drilled at Mazoa Hill (54 holes, 2,804 assays) and Marudi North (35 holes, 1,851 assays). The remaining holes were drilled in areas peripheral to both Mazoa Hill and Marudi North.

The morphology of the Marudi North Zone could not be interpreted with sufficient confidence to support a resource estimate; therefore, a resource estimate was carried out for only the Mazoa Hill Zone.

The modelled (wireframe) Mazoa Hill Zone contains 2,410 gold assays. Descriptive statistics for gold assays from the Mazoa Hill Zone are presented in Table 14.1.

Table 14.1 Mazoa Hill Gold Assay Descriptive Statistics

Statistic Mazoa Hill Quartzite Mazoa Hill Saprolite

Au Uncapped Au Capped Au Uncapped Au Capped

Mean 1.57 1.49 0.62 0.62

Standard Deviation 4.66 3.72 2.32 2.32

Range 100.20 30.00 20.00 20.00

Minimum 0.00 0.00 0.00 0.00

Maximum 100.20 30.00 20.00 20.00

Count 1,935 1,935 475 475

14.2 Capping

A cumulative frequency plot of the assays within the Mazoa Hill Zone wireframe (Figure 14.1) was reviewed to determine whether capping of gold assays is appropriate. A pronounced break in the curve occurs at 30 g/t which suggests that assay values higher than 30 g/t gold may belong to a separate population. Therefore, all assays were capped at 30 g/t. Eleven (11) assays were capped and the aggregate value of all assays in the capped population is 5% lower than for the uncapped population. This is a minor reduction and indicates that the grade distribution within assay population is not particularly nuggety.

The impact of capping on the mean gold assay value and other parameters is shown in Table 14.1.

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Figure 14.1 Cumulative Frequency Plot Mazoa Hill Assays

14.3 Composites

Approximately 50% of all samples are three (3) meters in length and 97% of all samples are three meters or less in length. Therefore, samples were composited to three meters. Compositing was constrained by wireframe boundaries.

Table 14.2 shows the comparison of descriptive statistics between assays and composites for samples contained within the Mazoa Hill wireframe.

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Table 14.2 Comparison of Raw Assays and Composites, Mazoa Hill Zone

Statistic Mazoa Hill Quartzite Assays Mazoa Hill Saprolite Assays


Mean 1.57 1.49 0.62 0.62


Range 100.20 30.00 20.00 20.00

Minimum 0.00 0.00 0.00 0.00

Maximum 100.20 30.00 20.00 20.00

Count 1,935 1,935 475 475

Statistic Mazoa Hill Quartzite Composites Mazoa Hill Saprolite Composites


Mean 1.36 1.29 0.36 0.36


Range 100.20 30.00 19.25 19.25

Minimum 0.00 0.00 0.00 0.00

Maximum 100.20 30.00 19.25 19.25

Count 1,890 1,890 684 684

14.4 Bulk Density

Sutton made over 1,000 bulk density measurements from drill core. The average value for quartzite was 2.9 g/cm³ and for saprolite was 2.3 g/cm³. As these measurements represent the most substantial source of data, these values were used in the resource estimate described in this report.

14.5 Geological Interpretation

The Mazoa Hill Zone quartzite has been modelled as a near-vertical, northwest-striking, isoclinal synform that is bounded on the east principally by andesite and on the west principally by metasediment. The northwestern end of the synform ends against andesite and the southeastern end appears to end principally against metasediment although it is possible the quartzite continues in this direction. Regardless, gold grades diminish sharply in all directions away from the boundaries of the modelled quartzite. As modelled, the synform is approximately 300 meters long (northwest strike), up to 100 meters wide at surface, and has a maximum depth of approximately 200 meters. The zone has been modelled on the basis of both quartzite lithology and assay values in excess of 0.2 g/t gold where those values are located in intervals identified as either metasediment or andesite adjacent to the quartzite.

A layer of saprolite up to 30 meters thick overlies the quartzite. The saprolite is mineralized and is presumed to have been derived from quartzite. Because it is less dense than the quartzite, the saprolite has been modelled as a separate domain.


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Figure 14.2 Mazoa Hill Zone Plan View

Figure 14.3 Mazoa Hill Zone Longitudinal View Looking Northeast


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Figure 14.4 Mazoa Hill Zone Cross-Sectional View Looking Northwest

14.6 Spatial Analysis

The Mazoa Hill Zone resource was estimated by Ordinary Kriging (OK). The variogram parameters necessary to establish kriging weights are set out in Table 14.3.

Table 14.3 Mazoa Hill Zone Variogram Parameters

Variogram Parameters First Structure Range (m) Orientation (°)

Zone Element Lag (m) Nugget C1 Major Intermediate Minor Bearing Dip

Mazoa Hill Gold 25 0.607 0.291 31 17 7 159 -37

Second Structure Range (m) Orientation (°)

C1 Major Intermediate Minor Bearing Dip

0.101 156 66 34 92 81


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14.7 Block Model

The relevant parameters of the Mazoa Hill block model are presented in Table 14.4.

Table 14.4 Mazoa Hill Block Model Parameters

Block Model: Mazoa Hill

Origin (PSAD 1955 Datum) Block Size (m) Number

X 258900 X 10 Columns 31

Y 245300 Y 10 Rows 46

Z 100 Z 5 Levels 80

Rotation -30 (Counter-clockwise)

14.8 Interpolation Plan

Grades were estimated by Ordinary Kriging (OK) and were interpolated into blocks in a single pass. In order for a grade to be interpolated into a block it was necessary that a minimum of two (2) and a maximum of eight (8) composites be located within the volume of the search ellipse. A maximum of one (1) composite per drillhole was permitted which ensures that each block has been informed by a minimum of two drillholes and thereby demonstrates a measure of geological continuity.

Search ellipse parameters are set out in Table 14.5.

Table 14.5 Search Ellipse Parameters

Orientation (°) Size (m)

Block Model Strike Dip Spin Major Intermediate Minor

Mazoa Hill 150 20 -20 80 60 30

14.9 Mineral Resource Classification

Mineral resources have been classified as Indicated and Inferred. In order for a block to be classified as Indicated, it was necessary that a minimum of four (4) and a maximum of eight (8) composites were located within the volume of the search ellipse. For a block to be classified as Inferred, it was necessary that a minimum of two (2) and a maximum of eight (8) composites were located within the volume of the search ellipse. For both Indicated and Inferred classes a maximum of one composite per drillhole was allowed meaning that Indicated blocks were informed by a minimum of four drillholes and Inferred blocks were informed by a minimum of two.

14.10 Reasonable Prospects of Eventual Economic Extraction

The Mazoa Hill Zone resource is situated at or near surface and therefore the most reasonable method of extraction would be by open pit. For that reason, it is necessary to constrain the resource by a conceptual pit shell that reflects reasonable costs for mining and processing and gold price. Table 14.6 summarizes the parameters used to construct the conceptual pit. Mining and processing costs were inflated from the 1995 costs included in the Kilborn 1995 Evaluation report that was prepared for Sutton Resources. Price inflation for the period 1995 – 2017 was approximately 150% and was obtained from the Bank of Canada website: www.bankofcanada.ca/rates/related/inflation-calculator. No allowances have been made for mining loss or dilution.

http://www.bankofcanada.ca/rates/related/inflation-calculator


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Table 14.6 Conceptual Pit Parameters

Mining Cost ($US/Tonne) 2.30

Processing Cost ($US/Tonne) 16.80

Pit Slope (°) 45

Gold Price / Ounce ($US) 1,500

14.11 Mineral Resource Tabulation

Table 14.7 is the resource estimate constrained by the conceptual pit. Table 14.8 is the global resource estimate without pit constraints that shows the distribution of resources between saprolite and quartzite domains. The basecase for both tabulations is stated at a cutoff of 0.5 g/t for capped gold grades. This cutoff grade was chosen because it is slightly above the combined cost of mining and processing divided by the cost of gold / gram: ((2.30+16.80)/48.22) = 0.4, and makes allowance for the general imprecision of the estimation exercise. The conceptual pit captures approximately 96% of the Indicated resource and 78% of the Inferred resource.

Table 14.7 Mazoa Hill Zone Conceptual Pit Resource Estimate

Mazoa Hill Indicated Resources in Conceptual Pit

Cutoff Au g/t Tonnes Au Capped g/t Au Uncapped g/t Ounces Capped Ounces Uncapped

2.00 1,352,000 3.4 3.7 149,900 160,500

1.00 2,979,000 2.3 2.5 224,900 235,600

0.75 3,637,000 2.1 2.2 243,300 254,000

0.50 4,428,000 1.8 1.9 259,100 269,700

0.25 5,540,000 1.5 1.6 272,600 283,200

0.00 7,088,000 1.2 1.3 277,700 288,300

Mazoa Hill Inferred Resources in Conceptual Pit

Cutoff Au g/t Tonnes Au Capped g/t Au Uncapped g/t Ounces Capped Ounces Uncapped

2.00 459,000 3.2 3.3 46,700 48,100

1.00 1,009,000 2.2 2.2 71,300 72,700

0.75 1,278,000 1.9 2.0 78,800 80,100

0.50 1,653,000 1.6 1.6 86,200 87,600

0.25 2,224,000 1.3 1.3 93,000 94,300

0.00 4,182,000 0.7 0.7 97,000 98,300

a. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. b. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves. c. Open pit resources stated as contained within a conceptual open pit above a 0.50 g/t Au cut-off. d. Pit constraints are based on an assumed gold price of US$1,500/oz, mining cost of US$2.30/t and processing cost of

US$16.80/t. e. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not

add due to rounding. f. Mineral resource tonnage and grades are reported as undiluted. g. Contained Au ounces are in-situ and do not include recovery losses.


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Table 14.8 Mazoa Hill Zone Global Resource Estimate

Mazoa Hill Saprolite Indicated

Cutoff Au g/t Tonnes Capped Au g/t Uncapped Au g/t Capped Oz Au Uncapped Oz Au

2.00 136,000 3.0 3.0 13,300 13,300

1.00 252,000 2.3 2.3 18,700 18,700

0.75 288,000 2.1 2.1 19,700 19,700

0.50 373,000 1.8 1.8 21,400 21,400

0.30 519,000 1.4 1.4 23,200 23,200

0.00 1,539,000 0.5 0.5 26,000 26,000

Mazoa Hill Quartzite Indicated


1.00 1,276,000 3.5 3.7 142,500 153,000

1.00 2,852,000 2.3 2.5 214,700 225,400

0.75 3,515,000 2.1 2.2 233,300 243,900

0.50 4,268,000 1.8 1.9 248,300 258,900

0.30 5,115,000 1.6 1.6 259,200 269,900

0.00 6,117,000 1.3 1.4 264,200 274,900

Mazoa Hill Total Indicated


2.00 1,412,000 3.4 3.7 155,700 166,300

1.00 3,104,000 2.3 2.4 233,500 244,100

0.75 3,803,000 2.1 2.2 253,000 263,600

0.50 4,641,000 1.8 1.9 269,700 280,300

0.30 5,634,000 1.6 1.6 282,500 293,100

0.00 7,656,000 1.2 1.2 290,200 300,800

Mazoa Hill Saprolite Inferred


2.00 154,000 3.6 3.6 17,600 17,600

1.00 217,000 2.9 2.9 20,400 20,400

0.75 233,000 2.8 2.8 20,900 20,900

0.50 266,000 2.5 2.5 21,500 21,500

0.30 341,000 2.1 2.1 22,500 22,500

0.00 1,919,000 0.4 0.4 25,100 25,100

Mazoa Hill Quartzite Inferred


2.00 442,000 3.0 3.1 42,600 43,900

1.00 1,084,000 2.1 2.1 71,500 72,800

0.75 1,398,000 1.8 1.8 80,200 81,600

0.50 1,829,000 1.5 1.5 88,700 90,000

0.30 2,330,000 1.3 1.3 95,000 96,300

0.00 3,387,000 0.9 0.9 98,700 100,000

Mazoa Hill Total Inferred


2.00 596,000 3.1 3.2 60,200 61,500

1.00 1,301,000 2.2 2.2 91,900 93,200

0.75 1,631,000 1.9 2.0 101,200 102,500

0.50 2,095,000 1.6 1.7 110,300 111,600

0.30 2,671,000 1.4 1.4 117,500 118,800

0.00 5,306,000 0.7 0.7 123,800 125,100


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14.12 Block Model Validation

The Mazoa Hill block model was verified in three ways: 1) by comparison of block grades with raw assay and composite grades; 2) by visual comparison of raw assay grades with immediately adjacent block grades; and 3) by swath plots.

Table 14.9 is a comparison of raw assay, composite and block model grades. As expected, average block grades are lower than composite grades which in turn are lower than raw assay grades because compositing and block grade estimation involve the homogenization of higher and lower grade values.

Table 14.9 Comparison of Assay, Composite and Block Model Grades

Statistic Mazoa Hill Assays Mazoa Hill Composites Mazoa Hill Block Model

Au Capped

g/t Au Uncapped

g/t Au Capped

g/t Au Uncapped

g/t Au Capped

g/t Au Uncapped

g/t

Mean 1.32 1.38 1.04 1.10 0.91 0.93 Standard Deviation 3.51 4.31 3.08 3.84 1.20 1.33

Range 30.00 100.20 30.00 100.20 13.47 17.28

Minimum 0.00 0.00 0.00 0.00 0.00 0.00

Maximum 30.00 100.20 30.00 100.20 13.47 17.28

Count 2,410 2,410 2,574 2,574 11,761 11,761

Figure 14.5 shows the close correspondence between raw assay grades and the grades of surrounding blocks.

Figure 14.5 Vertical Cross Section 400 Showing Block Model and Corresponding Assay Grades

Figure 14.6 is a swath plot showing the comparison between composite and block model grades. These plots clearly show the smoothing effect of Ordinary Kriging as the model grades are significantly less variable than the underlying composite grades.


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Figure 14.6 Mazoa Hill Block Model Swath Plots

0

100

200

300

400

500

600

700

0

1

2

3

4

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6

25

88

31

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61

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71

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81

25

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91

25

89

01

25

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21

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No

. C

om

po

site

s &

Wei

ghti

ng

Tota

l

Wei

ghte

d V

alu

e

Easting

Eastings Au_gpt

Number of Composites Model Tonnes Grade Au g/t Model Grade


gmrs.rocks 38

14.13 Comparison with Other Resource Estimates

The 1995 Kilborn Evaluation Report contains a pit-constrained resource estimate for the Mazoa Hill Zone that was prepared using Datamine resource estimation software and estimation methodologies that are consistent with current, industry-standard resource estimation practices. The wireframe model used in the Kilborn estimate is not available, so the exact volume of that model is not known, but the Kilborn estimation parameters and methodologies differ from those used in the current estimate in five respects that may result in a different outcome from the current estimate: 1) Kilborn used a cap of 25 g/t gold. The current estimate used a cap of 30 g/t gold for all assays. The difference has an immaterial impact on the estimate. 2) Kilborn used five-meter composites and the current estimate used three-meter composites. Longer composites produce more homogenized estimates but can be expected to also result in lower average grades. 3) Kilborn estimated block grades using a minimum of one drillhole. The current estimate used a minimum of two drillholes in order to demonstrate continuity of mineralization. The one-hole criterion results in more tonnes, potentially higher grade and more contained ounces. 4) Kilborn interpolated grades using inverse distance weighting to the power of 2.5. The current estimate used Ordinary Kriging. Ordinary Kriging generally estimates more tonnes at a lower grade than inverse distance weighting. 5) Kilborn used a cutoff grade of 1 g/t gold for their resource statement. The current estimate used a cutoff grade of 0.5 g/t.

Table 14.10 shows a comparison of the 1995 Kilborn estimate with the current estimate for global resources (unconstrained) at cutoff grades of 0.5 and 1.0 g/t gold, and for in-pit resources. NOTE: Kilborn did not differentiate between Indicated and Inferred resources in their in-pit estimate so for purposes of comparison, the Indicated and Inferred portions of the current in-pit estimate have been combined. This does not imply that the same level of confidence can be placed in the Inferred resources as can the Indicated resource, nor does it imply that the Inferred resources can be used for mine design or planning purposes.

Table 14.10 Comparison of Kilborn 1995 Resource Estimates and 2017 Resource Estimate

Global Estimate Mazoa Hill Zone Cutoff 1.0 g/t Au

Kilborn 1995 Au g/t Tonnes Ounces Au

Measured + Indicated 2.9 3,381,000 319,600

Inferred 2.5 861,000 67,800

Global Estimate Mazoa Hill Zone Cutoff 1.0 g/t Au

GMRS 2017 Au g/t Tonnes Ounces Au Difference in Ounces %

Indicated 2.3 3,104,000 244,100 -24

Inferred 2.2 1,301,000 93,200 +37

In-Pit Resource Cutoff 1 g/t Au Au g/t Tonnes Ounces Au Difference in ounces %

Kilborn 1995 2.9 2,988,000 277,700

GMRS 2017 * 2.3 3,988,000 308,300 +11

The 1995 Kilborn global resource estimate contains approximately 4% fewer tonnes and 13% more ounces of gold than the current estimate. The 1995 Kilborn in-pit estimate contains approximately 33% fewer tonnes and 11% fewer ounces than the current estimate. This difference is principally attributed to the proportionately higher price of gold used in the current estimate relative to the mining and processing costs as compared to the 1995 price of gold and 1995 mining and processing costs.


gmrs.rocks 39

15 Mineral Reserve Estimates

Not applicable.


gmrs.rocks 40

16 Mining Methods

Not Applicable.


gmrs.rocks 41

17 Recovery Methods

Not applicable.


gmrs.rocks 42

18 Project Infrastructure

Not applicable.


gmrs.rocks 43

19 Market Studies and Contracts

Not applicable.


gmrs.rocks 44

20 Environmental Studies, Permitting and Social or Community Impact

Not applicable.


gmrs.rocks 45

21 Capital and Operating Costs

Not applicable.


gmrs.rocks 46

22 Economic Analysis

Not applicable.


gmrs.rocks 47

23 Adjacent Properties

There are no properties adjacent to the Marudi Property.


gmrs.rocks 48

24 Other Relevant Data and Information

There is no additional information or explanation necessary to make this technical report understandable and not misleading.


gmrs.rocks 49

25 Interpretation and Conclusions

The Marudi Property in southern Guyana contains a number of gold occurrences of which the most significant is the Mazoa Hill Zone. Gold is associated with pyrite and pyrrhotite and all significant mineralization is hosted by quartzite that contains disseminated iron oxides, primarily magnetite but also hematite.

The host quartzite in the Mazoa Hill Zone is interpreted to have been folded into an isoclinal syncline with a northwest strike and a vertical axis. The quartzite is constrained laterally by andesite and metasedimentary rocks and along strike by andesite. It is possible that the quartzite is contained within a doubly-plunging syncline that has developed from the intersection of regional northeast-trending folds by younger northwest-trending folds. Figure 25.1 is a schematic representation of the possible fold configuration although the plunge of the Mazoa Hill folds is not known and may reasonably differ from that shown in the figure.

Figure 25.1 Schematic Cartoon of Possible Mazoa Hill Fold Morphology

Weathering has reduced the upper portion of the Mazoa Hill quartzite to saprolite.

A resource has been estimated for the Mazoa Hill Zone using ordinary kriging.

The estimated resource is presented in Table 25.1 at a basecase cutoff grade of 0.5 g/t gold. This estimate has been constrained by a conceptual pit using a mining cost of US$2.30, processing costs of US$16.80, a pit slope of 45° and a gold price of US$1,500 / ounce.

Table 25.1 Mazoa Hill Zone Resource Estimate

Mazoa Hill Resources in Conceptual Pit @ 0.5 g/t Cutoff

Class Tonnes Au Capped g/t Au Uncapped g/t Ounces Capped Ounces Uncapped

Indicated 4,428,000 1.8 1.9 259,100 269,700

Inferred 1,653,000 1.6 1.6 86,200 87,600


gmrs.rocks 50

The structural geology of the Mazoa Hill Zone and surrounding area is incompletely understood because of limited bedrock exposures and the multiple phases of folding to which the strata have been subjected. The resource estimate is based on a geological model which in turn is based upon a structural interpretation, therefore any uncertainties that relate to the structural interpretation will affect the resource estimate. Although this is a risk, it is regarded as being of minor potential significance because the Mazoa Hill Zone has been tested by a relatively large number of drillholes that have established the limits of the zone with reasonable confidence. Therefore, regardless of the structural interpretation applied to it, the resource estimate has encompassed the reasonable limits of the zone and the mineralization it contains.

If the conceptual model shown in Figure 25.1 approximates the structure of the Marudi Group within the Property, it is reasonable to expect that there may be other structural settings similar to the Mazoa Hill Zone, either laterally, such as the Peace Creek or Toucan Hill areas, or along strike to the northwest such as the area between the Mazoa Hill and Marudi North Zones that was recently investigated by GGI with three trenches.

GMRS is of the opinion that these areas, as well as others in which previous geochemical surveys have generated anomalies that have not been investigated, warrant further exploration.


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26 Recommendations

GMRS recommends a two-phase program of exploration to test areas of interest outside the Mazoa Hill Zone. Trenching is an effective way to sample saprolite and to expose bedrock; therefore, the recommended Phase 1 program is comprised of trenching. Phase 2 will be contingent upon the results obtained from Phase 1 and should include diamond drilling to assess any near-surface mineralization that may have been encountered by trenching as well as additional trenching in the event that some areas of potential mineralization that were investigated in Phase 1 prove to be more extensive than the Phase 1 trenches. The objective of Phase 1 is to identify new areas of potential mineralization; the objective of Phase 2 is to assess those areas in three dimensions.

The budget sufficient to accomplish the goals for both phases is set out in Table 20.1.

Table 26.1 Recommended Marudi Property Exploration Budget

PHASE 1 TRENCHING

Activity Cost (US$)

Excavator Trenching, 8000 m / 65 days 216,000

Sampling & Analyses, 3000 @ $55 / sample 164,000




Surveying 16,000




PHASE 2 TRENCHING AND DRILLING

Activity Cost (US$)

Excavator Trenching, 2000 m 123,000

Diamond drilling, HQ and NQ 480,000

Sampling Analyses, 850 @ $72 / sample 61,000




Surveying 7,000




GRAND TOTAL PHASE 1 AND PHASE 2 1,571,000


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27 References

Berrange, J.P., 1977 The Geology of Southern Guyana, South America Overseas Memoir 4, Institute of Geological Sciences, London Carter, J.W., 1962 Geology and Mineralization of the Marudi Gold Mine Area, British Guyana M.Sc. Thesis, University of London. Caumartin, C.L., November 27, 2015 Evaluation Report on the 2004 – 05 Work Program, Marudi Project, Guyana For Vannessa Ventures Ltd. Kilborn Engineering Pacific Ltd., June 1995 Marudi Mountain Project Evaluation Report For Sutton Resources Ltd. Kilborn Engineering Pacific Ltd., May 1996 Marudi Mountain Project Supplementary Report For Sutton Resources Ltd. Lakefield Research Ltd., November 15, 1995 An Investigation of the Recovery of Gold from Marudi Mountain Project Sample Progress Report No. 1 For Sutton Resources Ltd. Lunceford, R.A., September 22, 2010 Geology Report and Summary of Field Examinations Marudi Property, Guyana For Shoreham Resources Ltd. Romanex Guyana Exploration Ltd and Romanex Management Ltd., June 1995 Marudi Mountain Project Report of 1994 Exploration For Sutton Resources Ltd. Strickland, Derrick P., November 30, 2016 NI43-101 Technical Report on the Marudi Property, Guyana For Swift Resources Inc. Stonehouse, James M., June 26, 2003 Feasibility Study for Marudi Mountain Mining Project For Romanex Guyana Exploration Ltd. Vannessa Ventures Ltd., December 10, 2004 Pre-Feasibility Study Evaluation Report on the Marudi Project, Guyana Technical Services Group Vannessa Ventures Ltd., April 29, 2005 Assessment Report on the Marudi Project, Guyana For Vannessa Ventures Ltd. Westcoast Mineral Testing Inc., September 30, 1991 Progress Report #1, Mineral Process Testing of Marudi Mountain Gold Property, Guyana For Romanex Management Ltd. Westcoast Mineral Testing Inc., May 1993 Addendum to Report No. 1 For Romanex Management Ltd.


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28 Certificate of Qualified Person

Gregory Z Mosher, P. Geo

I, Gregory Z. Mosher, P. Geo., of North Vancouver, British Columbia, do hereby certify:

• I am a Principal Geologist with Pacific Mining Consultants Inc. with a business address at #603 – 131 East Third Street, North Vancouver, BC, Canada, V7L 1E5.

• This certificate applies to the technical report entitled “Resource Estimate Technical Report, Marudi Property, Guyana”, dated December 20,2017 (the “Technical Report”).

• I am a graduate of Dalhousie University (B.Sc. Hons. Geology, 1970) and McGill University (M.Sc. Applied, Mineral Exploration,1973). I am a member in good standing of the Association of Professional Engineers and Geoscientists of British Columbia, License #19267. My relevant experience with respect to gold deposits includes over 30 years of exploration for and evaluation of such deposits. Additionally, I have conducted Resource estimates since 2003. I am a “Qualified Person” for the purposes of National Instrument 43-101 (the “Instrument”).

• My personal inspection of the Property was during the period November 25 and 26, 2017, for a total of two days.

• I am responsible for all sections of the Technical Report.

• I am independent of Guyana Goldstrike Inc. as defined by Section 1.5 of the Instrument.

• I have no prior involvement with the Property that is the subject of the Technical Report.

• I have read the Instrument and the Technical Report has been prepared in compliance with the Instrument.

• As of the date of this certificate, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Signed and dated this 20th day of December 2017 at Vancouver, British Columbia.

“Original Signed and Sealed by G.Z.Mosher, P.Geo.”

Gregory Z. Mosher, P.Geo. Principal Geologist

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